Macy’s closing 68 stores, likely cutting over 10,000 workers

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Macy’s closing 68 stores, likely cutting over 10,000 workers

CINCINNATI – After a disappointing holiday season, Macy’s identified the 68 locations that it will be closing, and announced the likely elimination of more than 10,000 jobs.

The department store chain said sales in November and December were 2.1 percent lower than those in 2015. The retailer also lowered its forecasted earnings.

“Over the past year we have been focused and disciplined about making strategic decisions to position us to gain market share and return to growth over time,” said Chairman and CEO Terry J. Lundgren in a statement. “While we are pleased with the strong performance of our highly developed online business, as well as the progress we have made on selling and visual presentation programs and expense reduction initiatives in 2016, we continue to experience declining traffic in our stores where the majority of our business is still transacted.”

As a result of the structuring process, Macy’s expects 6,200 jobs to be eliminated. Store closures are expected to trim another 3,900 positions.

The 68 locations to be closed are part of the 100 stores mentioned in an August announcement, according to the company. The decision is expected to save Macy’s $550 million a year.

Final clearance sales at the following Macy’s stores closing in early 2017 will begin on Monday, January 9, and run for approximately eight to 12 weeks (with the exception of Lancaster Mall*, where final clearance sales are already in progress):